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NEEDHAM, MA-A joint venture group that includes the developer of the $1.5-billion Westwood Station project has acquired a four-building industrial portfolio here in a $21-million trade. The deal gives the new owners 193,744 sf of key holdings in the midst of the New England Business Center.
Westwood Station developer Cabot, Cabot & Forbes, of Boston, joined forces with Wilton, CT-based Commonfund Realty to make the purchase from OMSH-Needham Holding Co. LLC during a hotly contested bidding process that brought in nine offers in the roughly six weeks the portfolio was on the market.
"It was a bit of a dogfight at the end," Edward Maher, with Cushman & Wakefield's Boston-based Capital Markets Group, tells GlobeSt.com. "We had a couple groups that were close and the seller had a choice."
The buyers' strong reputation along with their keen understanding of the property and a high price offer helped solidify the deal with the seller, Maher says. "They're a great buyer and the knew the buildings really well," he notes.
The joint venture group acquired four single story office and R&D buildings totaling 193,744 sf on 13 acres of land in the heart of the business park adjacent to Route 128. Three of the buildings at 200 and 410 First St., and 130-150 A St. are 59% occupied while a third building at 66 B St. is vacant, Maher says. Given their location and the strengthening of the Route 128 submarket, all four properties are ripe for repositioning, although it remains unclear what the buyers have planned, he adds.
Neither Cabot, Cabot & Forbes nor Commonfund Realty returned calls from GlobeSt.com seeking further comment.
Maher says the four buildings are surrounded by upscale corporations such as General Dynamics, FedEx, Reuters and Upromise. "Add to this existing synergy the opportunity to create a world-class office asset, and this offering becomes one of the year's key real estate transactions along the Route 128 beltway," he notes.
In addition to Maher, the transaction was handled by Robert Griffin, Marci Griffith Loeber and Christopher Griffin, all with Cushman & Wakefield. The team also procured the buyer.
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